BONDS OF KINSHIP

New Zealand Herald, Volume LXIX, Issue 21328, 1 November 1932, Page 9

BONDS OF KINSHIP

NEW ZEALAND AND BRITAIN " OUR SPIRITUAL HOME" INSPIRATION AND EXAMPLE [from our own correspondent] LONDON. Sept. 30 The warm sentiment entertained by New Zealariders toward Great Britain a s their "spiritual home," was eloquently expressed by the Minister of Finance, Hon. W. Downie Stewart, in reply to the toast of his health at the luncheon given in his h<jnour by members of the New Zealand Sooiety. ''l would like, on. behalf of New Zealand," said Mr. Downie Stewart, "to express our admiration of the courage and "" tenacity with which Great Britain is standing up to the overwhelming difficulties with which she is faced. I can hardly convey to you any adequate idea of the inspiration arid example it is to us to observe the way in which industrial, commercial, financial and international problems of the greatest complexity and intricacy are handled with patient and dogged courage and political sagacity which, in our opinion at any rate, are unrivalled. We rejoice in the success of your huge conversion loan, a financial transaction of a magnitude without precedent in the history of the world. Companions in Arms "The people of the Dominion, who were proud to be companions in arms with Great Britain during the war, and who, in this world-wide depression, have been companions in distress, count themselves above all to be companions in good fortune, in the fact that w r e erjoy the inestimable privilege of being part of the British Empire. We live under the august prestige arid power of this great country, whose sovereign and peculiar virtue is that she has grown grey with centuries of experience and wisdom in the art of governing ma:j, "An American writer recently said that Great Britain alone had learned the paradoxical secret that if you wish to bind men to yea you must leave them free—free to lead their own lives, to observe their own customs, to develop their own institution:!. Thus she harmonises different forms of national sentiment in free and willing subordination to common ideals, law and government. The transcendent genius of Great Britain is that it reconciles apparently incompatible interests and aspirations in the service of humanity. "We in New Zealand regard Britain not only as being the financial leader of the world, by virtue of her integrity and probity, but, what is of still more supreme importance, she maintains the moral leadership of the world, and if peace, order and prosperity are to be restored to a troubled world, we believe that it will be through the example and leadership of this great country which we regard as our spiritual home." Sfew Zealand's Gratitude In the course of his remarks Mr. Downie Stewart expressed the gratitude of New Zealand to the British Government, the British Treasury and London bankers a.nd financial agents "for the advice, assistance and friendly help they have given during this time of stress and trouble. They have appreciated our difficulties and they have refrained from reproaching us for our past borrowing and for what was, perhaps, unwise expenditure in some directions. We count ourselves extremely fortunate that we ah all times enjoyed England's generous help and confidence. "From time to time foreign countries have offered to lend us money, but my reply has been that when they will lend to us at the same rate as the British investor, and when they will grant us an open market for our exports in the same generous way as Britain does, to enable us to pay our interest and principal; and if they will, in addition, grant us the protection of a powerful navy to keep open our trade routes, hnd to protect us from external aggression, then we may be tempted to consider their offer, (Applause.) In saying this, of course, I cast no reflection ort other Dominions which have found it expedient to borrow abroad either on the advica o* the London money market, or for other special circumstances, but so far we have not thought it expedient to have recourse to any market but this."